Indian realtor's
body CREDAI recently said the central
and state government's policy paralysis has severely impacted the real estate
sector which is facing stagnation in growth.
CREDAI National
President Mr. Lalit Kumar Jain said, "The economy is in a bad shape &
there is an all round despair. We have been witnessing a widespread criticism -
in India & abroad - and policy paralysis has impacted the real estate
industry in a big way"
 |
| CREDAI National President Mr. Lalit Kumar Jain |
Mr. Jain said,
''The government needs to appreciate the fact that real estate sector supports
over 250 other industries, contributes 11% to GDP (Gross Domestic Production)
and is the largest employment generator after agriculture".
CREDAI, the apex
body of real estate developers from pan India, has convened its governing
council meeting in Delhi Today (July 19-07-201) to take stock of the housing
scenario in the country, the statement said.
The meeting
assumes significance in view of the fact that real estate has been experiencing
stagnation in its growth despite the housing shortage touching 2.6 crore, it
added.
Mr. Jain said
the CREDAI's governing council would chalk out a plan and then announce it.
Real estate
sector is witnessing slowdown in demand due to high interest rates on housing
loans since past couple of years and economic slowdown in global as well as
domestic market. Almost all the
developers have reported decline in net profit from past many quarters.
CREDAI
National Secretariat
703, Ansal Bhawan,
16, Kasturba Gandhi Marg,
New Delhi-110 001.
Tel: (011) 43126262/ 43126200
Fax: +91 11 43126211
Email: info@credai.org
703, Ansal Bhawan,
16, Kasturba Gandhi Marg,
New Delhi-110 001.
Tel: (011) 43126262/ 43126200
Fax: +91 11 43126211
Email: info@credai.org
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